Shipping Futures Trader Files For Ch. 15 In New York

By Lance Duroni

Law360, Chicago (July 17, 2013, 1:18 PM ET) -- Pioneer Freight Futures Co. Ltd., a defunct British Virgin Islands-based firm that traded shipping futures, filed for Chapter 15 bankruptcy Tuesday to help further its liquidation by tracking down any assets that it may have in the U.S.

In a petition filed in New York bankruptcy court, Mark Richard Byers and Mark McDonald, the two liquidators charged with winding down Pioneer Freight, asked the U.S. court to recognize the company’s liquidation proceeding in the British Virgin Islands, which has been underway for three years.